June272011

Should I Itemize My Taxes? Itemized Income Tax DeductionsIn the rush of tax season many individuals decide to just take the standard deduction rather than to itemize. If you take the time to look at your situation, you may see that itemizing will save you money on your taxes.

June152011

The first attempt to impose an income tax on America occurred during the War of 1812. After more than two years of war, the federal government owed an unbelievable $100 million of debt. To pay for this, the government doubled the rates of its major source of revenue, customs duties on imports, which obstructed trade and ended up yielding less revenue than the previous lower rates.